Fundamental Analysis of NZD/USD for December 28, 2017 888011000 110888 NZD/USD has actually broken above the 0.7050 resistance area recently which resulted in producing a new greater high at the same time. NZD has been rather strong with the gains recently in the middle of momentary weakness in USD due to current downbeat economic reports and conditions. Today, United States Joblessness Claims report was published with an unchanged figure of 245k which was expected to reduce to 240k, Goods Trade Balance was released with a greater deficit of -69.7 B from the previous figure of -68.1 B which was expected to be at -67.7 B, and Chicago PMI report revealed a boost to 67.6 from the previous figure of 63.9 which was anticipated to be at 62.2. On the NZD side, New Zealand presented no financial reports today and regardless of that NZD got impulsive momentum to break above a strong level of 0.7050. As for the existing scenario, the spontaneous break against USD signals weak point of USD versus NZD and how far NZD can control USD in the coming days. As the pressure develops, NZD is expected to get more momentum in the coming days till the US develops better than expected macroeconomic reports to support its healing or future gains.Now let us look at the technical chart. The cost is currently residing above the 0.7050 occasion level which is expected to be retested prior to cost earnings higher towards 0.72 resistance area in the coming days. The price has been bullish given that the bounce off the 0.68 assistance area and the bullish bias is expected to continue further until price stays above 0.70 support location in the coming days. The product has been provided by InstaForex

By | December 28, 2017

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